Currently, inheritance of a certain amount or value is subject to an inheritance tax. However, these regulations are changing. Look here for more information about when inheritance tax applies and any changes in the law.
7 Big Life Events That Might Impact Your Taxes
7 big life events that might impact your taxes. How big life events like getting married, having a baby and inheriting money might impact your taxes. The IRS opens for business next week, and millions of Americans will start filing their federal and state tax returns. Online tax software companies guide you through the tax-filing [...]
What Happens to My Timeshare After My Death?
What happens to my timeshare after my death? Scammers will try to convince you that your children will be responsible, but is that really the case? Q: I just read your article about considering fees and finances before inheriting a timeshare. As a timeshare owner who cannot sell or give his timeshare away (because, as [...]
What You Need to Know Before Selling a Home Willed to You
Here's what you need to know before selling a home that was willed to you. There are a few steps you have to take before you can sell the home that was left to you in a will, even if you were the sole heir of the home and other assets. Q: A friend [...]
Real Estate Development Inheritance Costs Heirs Money
Real estate development inheritance costs heirs money. This reader expected a windfall and is wondering how to turn a money-losing situation into something that's at least breakeven. Q: My husband inherited a private development in West Virginia that his father owned. How does one go about starting a homeowners' association (HOA) for something like that? [...]
Can a Deed Be Transferred If There Isn’t a Will?
When someone passes away without a will, it’s difficult to determine who the deed will be transferred to. Q: My aunt left me her house when she passed away but she didn't have a will and we didn't have any papers signed to state that she wanted me to have it. She told my cousin [...]
What Can I Do About Inheriting Property That Has A Mortgage?
What can I do about inheriting property that has a mortgage? This reader wants to know if they can execute a quitclaim deed to absolve themselves of mortgage payment responsibilities. Q: I have inherited a 25 percent interest in a home along with three other siblings. I do not want my 25 percent and want [...]
How to Determine Taxes After Selling an Inherited Home
How to determine taxes after selling an inherited home. When selling an inherited home, especially if it's out of state, consider how it'll impact taxes. Q: We live in North Carolina but I also own a home in New York City with my four siblings. We inherited the home from our parents and now each [...]
How to Determine Legal Ownership of Quitclaimed Land
When it comes to quitclaimed land, as in this reader's case, you won't have legal ownership of the title if your relative didn't have legal ownership to begin with. Q: My husband's mother inherited land from a family member and isn't allowed to sell it. We moved onto an acre of it with a mobile [...]
What You Need to Know About Inheritance Taxes
Getting an inheritance can be such a bittersweet experience. You might receive lots of money or special mementos from the deceased, but the person with whom you’d like to share the experience is gone. During this trying time, it’s likely that the last thing on your mind is taxes. But taxes are an important consideration [...]
Three Important Tax Facts Wealthy People Need to Know
Did you go into shock when you saw how the 2014 tax laws affect you? I couldn’t believe how much of a marriage penalty Congress created. We’re back to the bad old days, when my best advice for folks in the top tax brackets was to get a divorce. Divorce can be good for your [...]